Utah drives the alignment of investor and manager interests

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A new era begins with new ground rules on hedge fund fees, structures and transparency

A new era begins with new ground rules on hedge fund fees,
structures and transparency

By Susan Barreto

It
has been more than a year since the Utah Retirement System
fired a shot that is still reverberating around the world. The
pension fund, which declined to participate in this interview,
has succeeded, however, to score the ultimate goal: the
alignment of interests between investors and managers.

Changing the rules of engagement is never easy and, for Utah
Retirement System's Larry Powell, his straight-forward
proposals could have been an easy deal breaker for hedge fund
managers seeing improving returns in the latter half of
2009.

It seems that Utah Retirement System has been able to move
forward strategically, while still negotiating lower fees,
greater transparency, and deferred incentive fees with new as
well as existing hedge fund managers. Similar negotiations have
brought many of their institutional peers to a standstill,
but...

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